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Review Questions 1-1
Terms in this set (14)
statistical testing (Page 1-4)
The definition of mass appraisal is the systematic appraisal of groups of properties, as of a given date, using standardized procedures and __________________.
supply or availability (Page 1-12)
Building costs, economic conditions and interest rates are ______________ factors.
demand (Page 1-12)
Location, condition, and construction quality are ______________.
MV=Sc+ADJc (Page 1-15)
The basic structure of a model for the sales comparison approach is _____________.
model specification (Page 1-16)
_____________ _____________________ involves the determination of what data to include in the model and in what format.
model calibration (Page 1-17)
Determining the rates in a model, such as adjusting tables or schedules to the current market is known as ___________ _______________.
cost (Page 1-15)
MV= LV + BV is the basic model structure for the ________ approach.
income approach (Page 1-16)
Net operating incomes and capitalization rates are requirements for the ______________ ________________ model.
market value (Page 1-4)
Property valuation models seek to explain or predict the _____________ ____________ of properties from real estate sales and related data.
LSIZE) + (PB*BSIZE)). (Page 1-19)
The hybrid (additive/multiplicative) cost model would be __________________________.
scope of work (Page 1-6)
The ____________________________ is acceptable when it meets the expectation of parties who are regularly intended users of similar assignments and what an appraiser's peer's actions in performing a similar assignment.
7 (Page 1-4)
How many steps are in the general appraisal process? ____
define the valuation problem (Page 1-4)
An appraiser establishes the date of value opinion, defines the value, and identifies the property rights to be appraised, this is part of the ___________________________.
1. Identify the problem to be solved
2. Determine and perform the scope of work necessary to develop a credible assignment
3. Disclose the scope of work in the report (Page 1-6)
The scope of work rule has three parts and they are:
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